National

Snoop Dogg invests 13 million euros in Portuguese company AceCann

Published

3 years ago

October

Laura Ramos

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Photo: DR | trace.tv

Snoop Dogg will invest US$15 million (about €13 million) in the Portuguese medical cannabis company AceCann, which obtained a pre-license from Infarmed last year. AceCann secured the investment through an investment round led by Casa Verde Capital, a venture capital firm co-founded by the American rapper.

AceCann said that this investment will be used to develop a production center in Vendas Novas, where it intends to “grow, process and extract medical products from cannabis”. The construction of AceCann's facilities started in September, but the company was founded in 2019 and received the Infarmed pre-license for the cultivation, import and export of medical cannabis in June 2020, and is currently awaiting the definitive license. With the new facilities, AceCann will be able to “precisely manage temperature, humidity and other variables” to ensure that each plant will have the necessary care.

Pedro Gomes, CEO of AceCann – Photo: Laura Ramos | cannareporter

In a statement, Pedro Gomes, CEO of AceCann said that “we want to create the gold standard in medical cannabis – from cultivation to marketing, owning intellectual property at every step of the value chain. With the support of our investors, we will be able to accelerate the mission to develop consistent, high-quality products that give patients access to life-changing innovation.” AceCann invests in cannabis production in “smaller, scalable and indoor.

Yonatan Meyer, partner at Casa Verde, said that the investment in the Portuguese company is made at a time when “legalization is crossing Europe”, predicting “a rapid and exponential growth in demand for high quality cannabis flower and extracts” . The investor also stated that “with a team with experience and unique cultivation and extraction techniques and a wide network”, AceCann “could become a supplier premium for the booming medical cannabis industry in Europe”.

In addition to this fund, the investment round was also attended by the Portuguese Lince Capital and the co-founders of Advanced Grow Labs, Chris Mayle and Marc Gare, Frank Cid, CEO of Royal Life Centers and the investor “angel” Sebastian de la Rosa, from Whistler Medical Marijuana.

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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]

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